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Amid another phase of the bear market, traders are leaving exchanges being disappointed by the low volatility of the major asset. Trading in fiat pairs is heavily affected as well, Kaiko data says. 
<h2 id="binance-bnb-lost-95-of-its-fiat-trading-volume">Binance (BNB) lost 95% of its fiat trading volume</h2> 
Binance (BNB), the largest global cryptocurrency exchange, sees its trading volume in fiat pairs losing 95% since a historic high registered in May 2021. Compared to early Q1, 2023, this indicator plummeted by 60%, per data shared by analytical platform Kaiko. 
<blockquote> 
 🚨📉<a href="https://twitter.com/hashtag/Fiat?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Fiat</a> trade volume on Binance has plummeted by over 60% since January and is now down a staggering 95% from its 2021 peak. <a href="https://t.co/droosuequW" rel="noopener noreferrer nofollow">pic.twitter.com/droosuequW</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1702291113925849461?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 14, 2023</a> 
</blockquote> 
The research covered all crypto-to-fiat pairs with the euro (EUR), Great Britain pound (GBP), Turkish lira (TRY), Brazilian real (BRL), Australian dollar (AUD) and other major world fiat currencies. In 2023, the exchange imposed a number of restrictions, but, in fact, the most painful decline happened in 2022. 
Trading activity declines on all platforms in the cryptocurrencies segment. In August 2023, trading activity on Ethereum-based NFT platforms was 90% lower compared to 2021 highs, as U.Today <a href="https://u.today/ethereum-nfts-trading-volume-down-90-from-peak-data-shows" rel="noopener noreferrer nofollow">covered</a> previously. 
As a leader of the market, Binance (BNB) suffers the most from the negative effects of paltry price performance and decreased volatility. In Q2, 2023, only, its aggregated trading volume <a href="https://u.today/binance-spot-trading-volume-dropped-by-70-in-q2-2023-kaiko-analysts-say" rel="noopener noreferrer nofollow">dropped</a> by 70%. 
<h2 id="binance-s-bnb-dominance-remains-strong-despite-regulatory-attacks">Binance's (BNB) dominance remains strong despite regulatory attacks</h2> 
In August 2023, Bitcoin (BTC) volatility dropped to an <a href="https://u.today/bitcoin-btc-volatility-drops-to-historic-low-turbulence-coming" rel="noopener noreferrer nofollow">all-time low</a>. The largest cryptocurrency was less volatile than the S&amp;P500, NASDAQ and crude oil. 
However, even in this stressful context, Binance (BNB) remains the leader of the global exchange landscape. As noted by DeFi researcher Thor Hartvigsen, Binance (BNB) still processes 20x larger trading volume compared to all decentralized exchanges combined. 
<blockquote> 
 Binance still doing between $15b to $45b in trading volume PER DAY from their futures trading ONLY👀Roughly 20x the daily volume of ALL of decentralized perps combined (dYdX, GMX, Synthetix etc.)📊Protocols building a CEX-like trading experience therefore have massive upside.… <a href="https://t.co/EI75l961em" rel="noopener noreferrer nofollow">pic.twitter.com/EI75l961em</a>— Thor⚡️Hartvigsen (@ThorHartvigsen) <a href="https://twitter.com/ThorHartvigsen/status/1699153684385415196?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 5, 2023</a> 
</blockquote> 
Also, when it comes to spot trading volume, Binance (BNB) exceeds its closest competitor, Coinbase, by 300-400%, CoinMarketCap data shows. By derivatives trading volume, Binance (BNB) surpasses OKX by 170%.

Binance (BNB) Fiat Trading Volume Down by 95% From 2021 Peak

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